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MTG seals US$114 million Nice deal

Patrick SvenskModern Times Group has concluded a deal for Scandi production group Nice Entertainment.

MTG’s move for Nice was announced in September and it has now been rubber stamped by the relevant regulators in Norway and Sweden.

With the deal complete, MTG will consolidate Nice’s results from November. The production group generated revenues of €121.1 million and EBITDA of €8.1 million for the twelve months ended 30 June 2013.

MTG has paid €84.4 million for Nice, which comprises several Nordic production companies including Monster, One Big Happy Family, Playroom, and Rakett in Norway; Titan, Baluba and Nice Drama in Sweden; Moskito, Production House, and Grillifilms in Finland; and Gong in Denmark.

MTG has been actively building its production and distribution capabilities, having acquired DRG in the UK. The content businesses are housed in the MTG Studios division run by Patrick Svensk (pictured).